SIFMA provided comments to the Municipal Securities Rulemaking Board (MSRB) on Regulatory Notice 2014-15, containing draft amendments to MSRB Rule G-37 on political contributions by municipal securities dealers (Dealers) and related prohibitions on municipal securities business, extending the Rule to cover municipal advisors and making certain other changes impacting both Dealers and municipal advisors.

SIFMA commended MSRB for taking steps with the Draft Amendments to create a level playing field for all market participants in the area of political contributions. SIFMA believes that it is important that all market participants are subject to the same rules governing political activity, and the draft amendments significantly advance that interest.

However, SIFMA’s comments are submitted to bring further consistency among market participants and in consideration of the heightened constitutional standards set forth in the Supreme Court’s decision in McCutcheon v. FEC, 134 S. Ct. 1434 (2014).

Related Material 

Regulatory Notice: Request for Comment on Draft Amendments to MSRB Rule G-37 to Extend its Provisions to Municipal Advisors